The U.S. House moved urgently to head off the looming nationwide rail strike on Wednesday. The measure now heads to the Senate.
The strongest gains were in health care and manufacturing. The 261,000 jobs added beat expectations.
The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point for a fourth straight time but hinted that it could soon reduce the size of its rate hikes.
Many potential homebuyers have moved to the sidelines as mortgage rates have more than doubled this year.
Production will be cut by 2 million barrels per day, starting in November.
The Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%.
President Joe Biden on Wednesday announced his long-awaited plan to provide $10,000 in debt cancellation for borrowers earning $125,000 per year.
The report raises hopes that the Federal Reserve to raise short-term interest rates by less than had been anticipated when it meets in late September.
With the jobs gains, the U.S. economy has restored all the jobs lost since the beginning of the COVID pandemic.
Attempting to curb the highest inflation in more than four decades, the Federal Reserve moved to raise its key rate to a range of 2.25% to 2.5%.
